Tag Archives: Middle

US envoys head back to Middle East

Two senior U.S. envoys will return to the Middle East this week in hopes of reviving Israeli-Palestinian peace talks and averting a Palestinian bid to seek U.N. recognition of their statehood, sources

Disney’s Magic Kingdom comes to the Middle Kingdom

SHANGHAI – Walt Disney Co broke ground on its long-awaited Shanghai Disneyland theme park on Friday, banking on its global brand and fairytale attractions to draw millions of visitors and boost its profits in the region.
Mickey and Minnie Mouse, dressed in traditional Chinese garb, took to the stage with Cinderella and Snow White to launch a Magic Kingdom-styled park tailored specifically to China.
Disney’s first theme park in mainland China and its third in Asia will cost

Oil near two and a half year peak amid Middle East turmoil

LONDON – Oil prices stayed near a two and a half year peak supported by widespread unrest in the Middle East and North Africa and dollar weakness ahead of Europe’s central bank rate decision on Thursday.
Brent crude traded above $122 a barrel with US crude at $108.5 a barrel and broadly flat. The European central bank is expected to raise interest rates by 0.25 percent on Thursday in the first hike since the 2008 financial crisis. The expectations have propelled the euro to a

Disrupted coal supplies likely amid Middle East unrest

KARACHI – Disruption in coal supplies is plausible as the geo-political situation, emerging in Middle East and North Africa, is likely to trigger a rise in crude oil prices. With reference to Pakistan, import of coal – chiefly from Indonesia – may have an adverse impact on production cost, given the latter’s electricity generation need, said Gulshan D Ferozepurwalla at SCS trade.
He pointed out that political instability dominates oil markets in Middle East and North Africa,

Middle East crisis propels a jump in forex reserves

KARACHI – Following a waning trend in the past two weeks, the country’s foreign exchange reserves have hit a record high of $17.608 billion in the week ending on March 12. Figures from the State Bank of Pakistan (SBP) reveal that, during the week under review, the country’s total liquid foreign reserves increased by $238 million or 1.37 percent compared to $17.370 billion in the previous week. Current reserves of over $17.608 billion raised 0.1 percent or $19 million compared to the

Brent rebounds on Middle East crisis

LONDON – Oil prices rose by over $2.0, with Brent topping $111 a barrel and rebounding from three-week lows a day earlier as escalating violence in the Middle East renewed fears about oil supply in the region. After an earlier crackdown on protesters in Bahrain resulted in at least four deaths according to hospital sources, violent clashes erupted in Yemen and Syria.
Iran chimed in with President Mahmoud Ahmadinejad quoted by state television condemning Bahrain’s crackdown on

China says Middle East should solve problems itself

BEIJING – Middle East countries should be left to themselves to resolve the problems they currently face without outside interference, a Chinese vice foreign minister said during a visit to the region. While China supported a United Nations resolution for an arms embargo and other sanctions targeting Libyan leader Muammar Gaddafi and his inner circle, it has so far been cool to the idea of a no-fly zone over that country. “The Middle East’s stability is beneficial to the world’s peace

Unrest in Middle East hampers export activities

KARACHI – Export promotional activities have been hampered due to the prevalent unrest in Middle Eastern/African countries. Pakistan, habitual of attending international business exhibitions and fairs in respective countries/region, has cancelled visit of various delegations following the uprising in different countries of the two regions.
Traders had been facilitated by the Trade Development Authority of Pakistan (TDAP); however the grave law and order situation in foreign